Repsol-led Partnership Advancing Carbon Capture & Storage project in Offshore Coastal Bend Region



Repsol-led Partnership Advancing Carbon Capture & Storage project in Offshore Coastal Bend Region

Carbon Management Project Poised to Benefit Corpus Christi Regional Industry and Economy While Making Significant Contribution to Texas Schools

October 8, 2024, Corpus Christi, Texas USA, Repsol and its partners in the Aves Carbon Capture and Storage (CCS) joint venture are pleased to be working together on an innovative project to safely capture and store carbon emissions from the Coastal Bend industrial region approximately one and a half miles underneath the seabed in the Gulf of Mexico, using the company’s top-tier technical knowledge, capability and industry-leading subsurface expertise.

About the Project

In 2024, the Texas General Land Office (GLO) and company officials of a Repsol-led partnership signed an agreement and secured the lease terms for a contract for more than 140,000 gross acres of subsurface pore space owned by the Texas Permanent School Fund (PSF) for CO2 storage located offshore of Corpus Christi, Texas. The GLO awarded the contract to the partnership in the Fall of 2023.

The carbon storage hub project is located in close proximity to more than 35 million metric tons per year of existing industrial emissions with more than 20 million metric tons per year of greenfield project emissions anticipated in the same area by 2035. The hub will deliver a carbon management solution that will enable the production of globally competitive decarbonized commodities while simultaneously providing significant economic and environmental benefits to local communities, the Port of Corpus Christi, the State of Texas, and society at large.


In August 2023, the Texas School Land Board unanimously approved awarding two leases to the joint venture, which made the partnership the sole awardee in the region. Both tracts lie within Repsol’s licensed seismic database and based on the favorable subsurface geology of the area, Repsol expects the tracts to have a combined storage capacity of more than 600 million metric tons of CO2 or 20 million metric tons of CO2 per year for 30 years.

About the Partnership

The Aves CCS joint venture partnership, comprised of Repsol as the operator, Carbonvert (Carbonvert LLC.), and Mitsui (Mitsui & Co.), brings together their collective experience across oil and gas, carbon capture and storage (CCS), industrial, and renewable projects in the United States and internationally. Equity interests in the partnership are 45% Repsol (Operator), 45% Carbonvert, and 10% Mitsui.

REPSOL

Repsol is a global multi-energy company that is leading the energy transition with its ambition of achieving zero net emissions by 2050. Present throughout the energy value chain, the company employs 24,000 people worldwide and distributes its products in nearly 100 countries to around 24 million customers. The company is deploying an integrated model of decarbonization technologies based on enhanced efficiency, increased renewable power generation capacity, production of renewable fuels, development of new customer solutions, the circular economy, and driving breakthrough projects to reduce the industry’s carbon footprint, including carbon capture and storage. Repsol has set a target to reduce the carbon intensity of its upstream activity by 75% in the period from 2021 to 2025. Taking the lead on this project, Repsol has been actively involved in various energy-related activities in Texas, primarily in the oil and gas sector, but is also gradually increasingly investing in low carbon solutions, namely Carbon Capture & Storage along the Gulf Coast.

 

CARBONVERT

Carbonvert LLC. is a carbon capture and storage project development and finance company that simplifies decarbonization for industrial facilities. Carbonvert was established in 2020 by Alex Tiller and Jan Sherman, veterans of the renewable and conventional energy sectors to manage the financial and technical complexities of CCS project development. Our executives have 70+ years of combined experience developing large-scale projects, financing tax advantaged projects, and structuring over $4 billion in infrastructure investments, including equity, tax equity, and debt. Our executives have extensive experience with large-scale CO2 projects; have designed and secured environmental and CO2 storage permits; and completed and operated large-scale carbon capture, transportation, and storage projects, including Bayou Bend CCS in Chambers and Jefferson County, Texas, Quest CCS in Alberta, Canada, and In Salah in Algeria.

For more information, visit www.carbonvert.com

MITSUI

Mitsui & Co. is a global trading and investment company with a presence in more than 60 countries and a diverse business portfolio covering a wide range of industries. The company identifies, develops, and grows its businesses in partnership with a global network of trusted partners including world leading companies, combining its geographic and cross-industry strengths to create long-term sustainable value for its stakeholders. Globally, to create an eco-friendly society by providing solutions with hard-to-abate industries, Mitsui & Co. has strong CCS ambitions and is actively involved in the sector through strategic investments in global CCS development opportunities. Mitsui E&P USA (MEPUSA) is a Houston-based, independent oil and gas exploration and production company that oversees upstream activities in North and South America, with producing assets in South Texas, Marcellus in the northeast of the United States, and exploration blocks in Argentina. MEP Low Carbon Solutions (MEPLCS) is investing in the low carbon solutions business, utilizing MEPUSA’s existing core E&P experience and competencies. Mitsui has invested in the Aves joint venture through MEPLCS, with the ultimate parent company of both MEPUSA and MEPLCS being Japan-based Mitsui & Co., Ltd.

For more information, visit https://www.mitsui.com/jp/en/index.html

 

Contact information

For more information about our project, or to share feedback, please contact:

Faisal Diab
CCS Permitting Advisor
[email protected]
(832) 863-5583

For media inquiries, please contact:
Christi Shafer
External Relations & Communications North America
[email protected] / [email protected]
(832) 948-8337